32-2-825. Surrender of charter by state mutual association.
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/mt/title-32/chapter-2/part-8/32-2-825·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
32-2-825 . Surrender of charter by state mutual association.
(1)Any mutual association that will become a corporation for carrying on the business of a mutual association under the laws of the United States ceases to be a corporation under the laws of this state.
(2)The members of the board of directors last in office when the corporation became a corporation under the laws of the United States continues to be the board of directors of the corporation, with power to take all necessary measures to carry out and perfect the organization by signing the articles of association and the organization certificate and adopting the regulations as may be just and proper and not inconsistent with the acts of congress.
(3)A change from a state mutual association to a federal savings association may not release the mutual association from its obligations to pay and discharge all of the liabilities created by law or incurred by the mutual association before becoming a federal savings association or any tax imposed by the laws of this state up to the date of the mutual association becoming a federal savings association, in proportion to the time that has elapsed since the next preceding payment.